How easy it is to withdraw funds transferred into PayPal? this is the last part that is needed. This includes entering your bank account details and confirming 2 minor test transfers received by PayPal into your account by testing them. PayPal is the world's leading online payment processor. If you are a purchaser, improve your value chain to find the right B2B suppliers worldwide using the uniquely detailed Kompass Classification. So we will most likely need to charge in USD. People need to have some local HK connections nowadays to best do it. And if you really love this article! Jul-08-2020 04:37 AM. Introducing Neat - Online HK Business Banking & Connect Your Paypal/Stripe. Im still interested in hearing about any solutions people are using. With our independent end to end payment network, Aurelia Pay delivers payment within the same business day with competitive, fair and transparent FX rate. Just to withdraw that money? Its worth noting that the currency conversion charge laid out above will also apply if you need to switch currencies as part of the withdrawal. Youll first be guided through these to try to find the answers to your questions independently. PayPal offers simple convenient services - but the costs of sending and receiving international payments can be high. Interested in the TNG Wallet Hong Kong? Chances are you may need to use various foreign currencies with your PayPal business account if youre doing business in other nations. kq bong da nam,cch kim tin v paypal,xs kien thiet mien trung. But, if your clients are overseas, then you'll be charged for 4.4% + fixed fees. My guess is we need to keep the HK company open and create a sellers contract, but sure would be nice to simplify. While you cant connect it to the European bank, we have some resources who can manually collect for you and wire it over. This guide walks through how to use GCash from Hong Kong. - Meghan. Can we continue to operate a HK PP account from a US company, or do we need to keep the HK company open? I will look into Twilio though as it wasnt the one I was looking at. Our review is complete and we have returned your account to regular standing. They should be trusted counter parties, well, actually they are taking the big risk. Want to work with specialists in the GFA network? Chinese Web Sites or on Social Media ads easy to spot (once you know the below signs) so buyer beware.1. Introducing Neat - Online HK Business Banking & Connect Your Paypal/Stripe, The Story of Neat Hk Developing in Hong Kong to Help the Banking Market with David Rosa and Igor Wos, Neat HK: A Solution for the Hong Kong Banking Nightmare? * This number, only available 3 minutes, is not your correspondants number but the number of a service putting you through to that person. I actually use Stripe to accept USD and pay to my USD bank account with HSBC in Hong Kong. What payment methods can I use with PayPal? The fee is, as you say, crazy. Youll pay several fees when you receive an overseas business payment from PayPal. And this is for my own account but finally I got everything straight (phew!) Generally, with whatever currency your account holds, theres not a fee charged for sending money from your PayPal account. Dear Michael, thanks for the prompt reply! yes youre not alone, tons of people are getting the same thing right now. Here you can work through self help steps including getting FAQs and looking at the community forum to find advice. Hey Roger, They always wanted residential address proof in HK but lately have been more strict about it. Businesses need to receive money from customers, as almost everyone around the globe has an account with them. But, youre not alone. This is in the form of a markup added to the exchange rate. Please read our Community Rules and Guidelines, Pay, shop, and do even more on the PayPal appGet the App. That constitutes proof of address and will work for almost every case. There is a processing fee, which is a percentage of the sales amount, and a minor currency-based fixed fee. Check out Wise as a smart, simple way to cut the costs of sending and receiving money from overseas. Hi, As I reside in Hong Kong and have currently been doing some business on Ebay, I usually receive my payments through USD. Users in Hong Kong SAR are advised to read the terms and conditions carefully.When you visit or interact with our sites, services, applications, tools or messaging, we or our authorised service providers may use cookies, web beacons, and other similar technologies for storing information to help provide you with a better, faster and safer experience and for advertising purposes. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Taking money out is a rather tricky part. . Unless you like having your money arbitrarily frozen periodically. Include audit reports of your parent company, associated companies and subsidiaries. How is your experience using Paypal in the Hong Kong business market? Purchase a To counter this, I would suggest to keep a clear documentation on all of your transactions. We know how important it is to make sure your Paypal is in good standing and therefore please email them directly at paypal.hk. If you are able to supply any documentation from USPS that shows the item wasn't delivered to you, that may help expedite the process. Theres also a markup on the exchange rate used. @Fred20051 and @Beccadsmokes, welcome to the Community! Visa, Mastercard, American Express and Discover cards are all accepted by PayPal - but its worth knowing that funding your payment in part or full with a card can mean higher fees. I need to move my account to HK now and I have people waiting to send me money so how do I set up my account as registered in HK not in Cambodia as it says Cambodia in the settings.? This mailbox is not monitored and you will not receive a response. Learn more here. Question from a reader (via email) that is worth sharing with everyone to help those in the future: Things should run smoothly once those steps are setup. Hi Mike, this was really helpfull for me to register my paypal account and adding my bank account but, i have a question how much does it cost to top up money from hsbc to paypal ? You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. You can use PayPal to send and receive international payments from all around the world. Check out our complete guide to registering and using PayMe from HSBC. anyone overcome this crazy conversion rates? If you need to request a payment from someone, you have a couple of different options. . How to sign up for a PayPal business account in Hong Kong You can open your PayPal business account online. WHO ARE THESE PEOPLE AND WHY IS THIS HAPPENING? For the kind of transactions you make, it is necessary to use the right PayPal account otherwise you risk locking or closing your account. Someone asked me and its true you dont see too clearly your own profile. Well, greedy actually. we have a blog about alternatives https://www.globalfromasia.com/cross-border-payments/. Pingback: Hong Kong Needs Stripe Merchant Account Services! Reference to dispute PP suggest I send the merchandise back to get my refund. Heres what you need to know. Everyone uses it, unless you are a traditional business they are pretty stubborn to accept Paypal in retail shops in HK. Another solution is try to not withdraw any. Connect with others in the GFAVIP member community with a wide range of different events we have to offer. Your last solution is a possibility if nothing else works. Why this number ? 2.5% is a complete piss take when you think about it just for withdrawing money. Welcome! My question is, i m planning to open with paypal HK, will they lock my account too if they "think" it is suspicious, and the charging rate is also a lot higher in HK compare to US, it is almost 4%-5%. But stay positive and make steps forward each day! utility bill, bank statement) within 3 months. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. The reason you get this is it is a true merchant account. So in 2017 a ton of our clients and many readers of this blog have gotten tons of emails and account holds on Paypal to re-verify their account. PayPal - What payment methods can I use with PayPal? 1999-2023 PayPal, Inc. All rights reserved. I hope everyone has a wonderful weekend! Further to these requirements, we need to collect additional information from you. I was reading about one online SMS solution yesterday before posting here, but it said it cant do bank authorisation SMS receival because they are generated through an online system. This guide walks through the costs of making an online money transfer with PayPal, including the upfront charge and currency conversion fee. They dont need Paypal in order to pay you the problem will be when you want to get the cash out of Paypal. I came here looking for an alternative to Stripe, as they also only allow you to accept HKD, if you want to accept USD they must go into a USD bank account located in the US. Lets talk about a few options: One solution in this situation is to set the primary currency of your PayPal account to HKD, the same currency as your bank account. A payment was posted from my individual PayPal account to <removed>, LIMITED on July 6. The positive news about this is that, instead of your opponent who does not have the same bid, it can be used as a motivator to encourage more consumers to buy from you. Google and you can often see previous company names as they change them once enough claims roll in and Paypal stop them using their services and start over.7. Can anyone help me identify who these people are and why they are trying to take money from me monthly? Crazy. Lets help each other out and share tips and strategies in the comments below! Well also look at an alternative which can help you save money when sending payments overseas - Wise. Good work, really good work driving your customer away. It is linked to Hang Seng Bank Hong Kong..all in HKD. To receive money on PayPal, youll first need an active PayPal account. Now its your turn to share what is your rating for Paypal Hong Kong. Wan Chai Hong Kong. Which, may or may not be cool depending on where your customers. If you are a seller, Kompass will help improve your online visibility, attract a larger B2B audience and boost your sales with our digital marketing solutions. To give an example, if you receive an online commercial payment in HKD, there is an extra HK$2.35 to pay. Today well talk about using Paypal in Hong Kong. basically do whatever possible to NOT use/ accept paypal. How to stop this scam: HONG KONG SOOUYA TECHNOLOGY LIMITED. Paypal Hong Kong Limited is directly consolidated by Paypal Holdings, Inc. my pleasure! To get started, open, click, and follow the links in that same message. Learn more about PayPal business fees and exchange rates, here. For Hong Kong-based customers, you will eventually need to pay an amount of 3.9% + $2.35 HKD per transaction. They supposedly sell virus software (which I have never had.) Were still unable to complete the review process of your account at this time. Heres a short overview that we worked out for you to take a detailed look into all the costs of your local company getting a PayPal account. Also, I have an extensive guide and listing of Hong Kong Merchant Accounts and I try to update it regularly. Of course Paypal wants you to grow and succeed, that means they are making more money too! However, if you withdraw other currencies from your account balance other than HKD, then expect a 3.00% withdrawal charge to come your way for that. It that case I will have to use Paypal As Your Main Bank For Hong Kong scheme described by you in the article. If youre concerned about opening up a business account here in Hong Kong, it could be on the top of your to-do list to get the processing work sorted by getting a PayPal account ready for your customers. Wise is the trading name of TransferWise Limited, which is licensed in Hong Kong as a Money Service Operator by the Customs and Excise Department, licence number: 15-01-01584. Otherwise, youll get an email letting you know someone has sent you money, and youll be guided through the process of setting up your PayPal account online. Financial regulations around the globe are getting harder not easier. Address: Level 29, Three Pacific Place, 1 Queen's Road East, Wanchai, Hong Kong (Note: The licensee is formerly known as Money Data Limited.) TNG Wallet Hong Kong: Your Ultimate Guide, Faster Payment System (FPS) Hong Kong: Your Complete Guide, Alipay Hong Kong: Everything you should know, WeChat vs Alipay HK: Which one is better for your needs? Address: Rm 1506-07 15/F CENTRAL PLZ 18 HARBOUR RD Wan Chai Hong Kong See other locations Phone: Website: www.paypal.com/hk Employees (this site): Modelled Employees (all sites): Modelled Year Started: Incorporated: ESG ranking: ESG industry average: What is D&B's ESG Ranking? Want to save with international transfers? Please email us at compliance-apac-KYC@paypal.com to authorise us to change the contact name from Michael to Mike. 15th Floor Central Plaza 18 Harbour Road Rooms 1506-07 Wan Chai HK. Please contact us for details for now. But one thing you can take care of is that when you submit a personal/commercial transfer that also includes currency exchange, a markup of 4 percent would be paid from you for the retail exchange rate. More on that, later. I have opened my first one outside of USA in early 2008 and have had accounts with them in Hong Kong, UK, China, and of course USA. Sources last checked on 14-September 2020. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. like 3% ish total? You'll need to enter some basic details, including: Your email address Your business information Your personal information You'll then receive a confirmation email. Before you send an international payment with PayPal, make sure you understand the costs involved. I have a HANG SENG BANK account. GFA has full service options for various specialties below. Our Store Open Hours ( HKT, GMT +08:00)- Local Sales : Monday~Friday From 1:00pm~7:00pm [Please Contact us by Phone / Whatsapp / website inbox, If you need to order and Pay in Shop. The main issue is proof of address and phone numbers. Textiles, Clothing, Leather, Watchmaking, Jewellery. We have a Remittance Partner Recommendation. KOMPASS,
Now well take a look at the numbers of using a PayPal business account, including the account receivable fees and the transfer fees for PayPal money. Dont know who you are but why yall talking money out my account, Pay, shop, and do even more on the PayPal app. He hasnt seen the site asking for the fee, and saw that they havent implemented it (yet) lets keep up on the pulse let us know. Shop Now Pay with your preferred card Link all your cards and choose which one to use at checkout. Click here . Log into your PayPal account Click on Send and receive Enter the email address of the person you want to send money to Follow online prompts to enter the amount and currency you're sending in Add a note to the recipient, check and hit Send payment now Sending a PayPal international transfer using the PayPal app Step 4: Easily pay with Paypal, bank account, credit card, or debit card. Click Profile at the top right corner of the page. Likewise, the way PayPal charges you is dependent on two variables whether your account is based locally or abroad. Go to our Contact Us page. Youll also be able to pay using a PayPal.me link if your recipient has sent one to you. Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. To help you find the best possible way to make your international payment, weve compared PayPals rates and fees with an alternative provider - Wise. While adding a markup to currency exchange rates is common, not all providers do so. Just log in to PayPal, go to yourMessage Centerand choose New Message., To contact us on Facebook, go to facebook.com/PayPalUSA, To contact us on Twitter, go to @AskPayPal, Well use cookies to improve and customize your experience if you continue to browse. The REST APIs support many countries for PayPal account payments if you have a business account. But after several attempts of negotiation, we surrender. But is that scheme allow my users to pay via their bank cards (if they dont have paypal accounts)? The site will look as if its in your country (where they despatch goods from) but they will ask for returns to go back to China (returns depot) at a shipping cost often more than the item is worth.2. Shopping online has never been this easy. Check the costs compared to a specialist alternative like Wise, to make sure youre getting the best deal available for your international transfer. It is not intended to amount to advice on which you should rely. Activity, company ), Click on one of the icons to share the company. Please read our Community Rules and Guidelines, Pay, shop, and do even more on the PayPal appGet the App. Wise is the trading name of TransferWise Limited, which is licensed in Hong Kong as a Money Service Operator by the Customs and Excise Department, licence number: 15-01-01584. Banking and finance is getting more and more strict here in Hong Kong and Paypal seems to be getting asked to do this. If you have any tips or tricks youd like to share, or more clarifications and questions I would love you to put a comment below. Is this your business? I personally dont withdraw much of the funds from Paypal to avoid the currency conversion. Yet we all hear the horror stories about your account getting frozen or closed by Paypal. Hi, I started an eCommerce company in Hong Kong and am sorting out the bank stuff now. Users in Hong Kong SAR, China are advised to read the terms and conditions carefully. It is something I am asked quite a bit and am happy to be sharing with everyone to get rid of the worry and hesitations of setting up a company in Hong Kong. Just discovered i have been swindled out of $39.99 a month since January 2022 from this company for i have no idea what!! It's been one of the most popular online payment services for years, which is why it's such a popular target for phishing scams. Its true, just like the credit card issue it is a waste of money. WeChat Pay Hong Kong Limited. The name of the sender is supposed to match the name of the Paypal account holder. Just go over to the website for PayPal Hong Kong and choose to sign up. From my experience the quick answer is No. POA (Proof of Address) is not required for getting this level of verification in Paypal. A question I received from a reader was they are moving to USA and doing business there, but after many years with a Hong Kong Paypal with subscriptions, they are asking me if you can transfer the Paypal HK to a US based account. If you transfer your current bank account to use your Hong Kong address, you should receive your next bill at your Hong Kong residence. All the lines are busy at the moment, please try again in a moment. 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